7 December 2016, 12:44 GMT
CAIRO (Sputnik) — According to the official, the government has not discussed the deal with Russia yet, but realizes the benefits of such a deal, Almal News reported. Currency swap with Russia will help Egypt ease pressure on the currency reserve, the official added.
Last year, central banks of Egypt and China signed an agreement under which direct national currency swaps can be conducted to the tune of $2.62 billion. The agreement is effective for three years and can be prolonged. Now Egypt seeks to sign similar deals with other partners.
Russia is one of Egypt’s biggest trade partners. It exports wheat, metals, mineral products, cars and equipment to Egypt. Russian export to Egypt is estimated at $4 billion annually while Egypt’s export to Russia – at $600 million dollars.
